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Jun 30, 2024
Ranpak Q2 2024 Earnings Report
Delivered solid performance with growth in volumes, sales, Adjusted EBITDA, and an increase in cash position.
Key Takeaways
Ranpak Holdings Corp. reported a 5.5% increase in net revenue to $86.4 million for the second quarter of 2024, driven by an 8.8% volume increase. Net income was $5.5 million compared to a net loss of $2.1 million in the prior year period. Constant Currency Adjusted EBITDA increased 7.4% year over year to $20.4 million.
Packaging systems placement increased 0.4% year over year to 141.2 thousand machines as of June 30, 2024.
Net revenue increased 5.5% and 5.9% adjusting for constant currency.
Net income of $5.5 million compared to net loss of $2.1 million for the prior year period.
Constant currency AEBITDA of $20.4 million, up 7.4% year over year.
Ranpak
Ranpak
Ranpak Revenue by Segment
Revenue by Segment
Cushioning Revenue
CapyFin.comVoid-Fill Revenue
CapyFin.comWrapping Revenue
CapyFin.comOther Net Revenue
CapyFin.com Forward Guidance
Although activity levels at many of the consumer and industrial customers we serve remain constrained due to persistent interest rate and inflationary pressures, we believe we are well positioned to benefit from continued volume growth for the year as our strategic account initiatives began to bear fruit and build from here.
Positive Outlook
- Strategic account activity plan execution in Q2.
- Beginnings of large e-commerce players in North America making the plastic to paper shift.
- Sustainability momentum.
- Automation and data capabilities are increasingly becoming a key differentiator in discussions with large accounts.
- Value-added solutions provide customers with insights into their business as well as cost savings opportunities.
Challenges Ahead
- Activity levels at many of the consumer and industrial customers remain constrained.
- Persistent interest rate pressures.
- Inflationary pressures.
- Inability to secure a sufficient supply of paper to meet production requirements.
- Impact of rising prices on production inputs, including labor, energy, and freight on results of operations
Revenue & Expenses
Visualization of income flow from segment revenue to net income